In the event that Reagan did decide not to run for re-election in 1984, I think that Bush/Baker would be more likely to be the GOP ticket rather than Baker/Kemp and would have defeated any team the Democrats would have run
That probably would have been the case. However, for the sake of the scenario, let's assume Vice President Bush decides not to seek the Republican Nomination for person reasons. I wonder if the ticket of Baker/Kemp would be re-elected in 1988?
It would have to do with how successful or popular they proved to be in office, and who the Dems put up against them. They might have been judged, at least at the time, as having a fairly successful first term, especially on the foreign-policy front, since all the positive developments that occurred in eastern Europe from 1984-1988 would have happened anyway (despite what the Reagan idolaters claim).